I acknowledge Goldmoney's right to change their view, strategy and practices.
However, I feel obliged to raise some thoughts on the decision to charge storage fees, albeit I know that old Goldmoney Personal clients will not, by the time being, be charged.
There is no question that one of Goldmoney's strengths and key principles was the idea of saving in gold.
The old idea that money must be fungible, store value and widely accepted brought gold as true money many thousands of years ago.
Lack of trust on fiat currencies, the financial system, belief in gold as storage of value, fear of inflation, etc were keypoints in buying gold and, of course, were keypoints for becoming a client of Golmoney itself.
It was a great idea a to increase options for using that money: transferring, the Mastercard, the business feautures, etc. There was no doubt that increasing the base and "making social" the use of gold would gigantically increase its use, recognition and, most of all, re-educate people who learned economics from the 80s on, as many rules of the old gold-based system no longer apply.
Charging storage fees goes straight against that.
By charging storage fees you no longer promote learning and saving. By giving the chance of offsetting this fees by transacting, you are promoting "moving" money, not saving it.
Goldmoney was a great saving-in-gold tool that also allowed to make transfers and provided a medium of exchange.
Now you are transforming the company into a transaction-driven company. Turns saving in gold into investing in gold because you believe it will gain value against currencies. Basically as any other bank or investment.
Does storing gold incur in costs? Yes. But that is not the question, because you were already introducing features and possibilitites that allowed to charge for services you were providing and people were demanding.
For those who argue that the fee is small, sorry to dissent. No bank in my country charges for having the money just deposited. They charge on operations you make, as Goldmoney should. Also, going from no charging any fee to setting a storage fee is just a step. There is no guarantee that the next phase won't be from charging storage fees to increasing storage fees.
It is a matter of principle. Either Goldmoney serves as storage of value as a company positioning or it does not and then it has to compete with private vaults, safe boxes, etc.
As said, I understand that any company is entitled to change its positioning. But let me say that I believe this is a wrong move.
You are letting down a basic principle of Goldmoney, you are no longer promoting educating-in-gold and you are becoming just another transaction-driven, investment-guided financial entity with, yes, the distinctive feature that it is not done in dollars, euros or CAD, but it is made in gold.
If that is what you want, congratulations. You are right.
If for some reason you agree with me, let there be just deposit accounts with no fees charged. Let people advice others becoming a Goldmoney client because they will keep their savings and not because the referral program is generous. Without the hesitation of telling the adviced that he/she will be charged every month for doing nothing.
Keep that of Goldmoney alive.